MUNSTER CUTS HIS APPLE PRICE TARGET

Stalwart Apple bull Gene Munster is cutting his price target on Apple to $875, down from $900.

He still rates the stock "overweight."

He is cutting the stock because he believes Apple's margins are going to drop as it rolls out a new, less expensive iPhone.

Munster says he thinks Apple is making the "right move" rolling out a less-expensive iPhone. Right now, it's missing out on 65 percent of the smartphone market, or 580 million unit sales.

However going after that market means making trade offs. Apple's margins will be sacrificed, though it will still grow profits and sales nicely. He has margins in calendar year 2014 at 40.6 percent, which is a drop from 41.5 percent for calendar year 2013. (Apple's fiscal year is different than the calendar year, thus the distinction.)

Now that even Gene Munster has cut his target, there's only one mega-Apple bull that's not backing down. Brian White at Topeka Capital has a $1,111 price target on the stock. As far as we can tell, he's still all-in on Apple despite the fact that the stock has fallen 25% since September and has been locked in the ~$520 range for a while now.

Munster's tiny cut is mostly symbolic. The difference between $875 and $900 isn't much. Apple will fluctuate by $20 on any given day when it gets above $700. As we said, most analysts have been cutting Apple's targets. Munster was one of the last true believers and it looks like even he's wavering now.